With two bidders revealed in a matter of days and more in the wings, United States Steel Corp. — a symbol of American industrialization that for more than a century helped build everything from the United Nations building in New York City to the New Orleans Superdome — appears be on the cusp of being absorbed.
Here’s what’s happened so far, and how the acquisition of U.S. Steel could reshape steelmaking globally.
BIDDING WAR
After rejecting a $7.3 billion buyout proposal from rival Cleveland-Cliffs on Sunday, U.S. Steel said it was considering its next move. On Monday, industrial conglomerate Esmark offered $7.8 billion for the Pittsburgh steelmaker.
Shares of the U.S. Steel soared more than 30% Monday with good odds that bids for the 122-year-old steel producer will head higher.
U.S. Steel says it has other offers to consider as well, and the company gave no timeline for if and
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